Geneva Capital Management LLC Buys 8,012 Shares of RBC Bearings Incorporated (NYSE:RBC)

Geneva Capital Management LLC increased its position in shares of RBC Bearings Incorporated (NYSE:RBC) by 1.4% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 590,650 shares of the industrial products company’s stock after purchasing an additional 8,012 shares during the quarter. RBC Bearings comprises about 3.0% of Geneva Capital Management LLC’s holdings, making the stock its 7th largest position. Geneva Capital Management LLC’s holdings in RBC Bearings were worth $176,829,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the company. Aigen Investment Management LP purchased a new stake in shares of RBC Bearings during the 3rd quarter valued at approximately $517,000. Versor Investments LP purchased a new stake in RBC Bearings in the third quarter valued at approximately $435,000. Crossmark Global Holdings Inc. raised its position in RBC Bearings by 29.8% in the third quarter. Crossmark Global Holdings Inc. now owns 2,280 shares of the industrial products company’s stock valued at $683,000 after purchasing an additional 523 shares during the period. TimesSquare Capital Management LLC raised its position in RBC Bearings by 17.3% in the third quarter. TimesSquare Capital Management LLC now owns 90,605 shares of the industrial products company’s stock valued at $27,125,000 after purchasing an additional 13,395 shares during the period. Finally, Atria Investments Inc raised its position in RBC Bearings by 1.8% in the third quarter. Atria Investments Inc now owns 7,277 shares of the industrial products company’s stock valued at $2,179,000 after purchasing an additional 127 shares during the period.

Insider Buying and Selling at RBC Bearings

In related news, CEO Michael J. Hartnett sold 3,000 shares of RBC Bearings stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $284.23, for a total transaction of $852,690.00. Following the completion of the sale, the chief executive officer now owns 294,120 shares in the company, valued at approximately $83,597,727.60. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other RBC Bearings news, CEO Michael J. Hartnett sold 503 shares of RBC Bearings stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $289.00, for a total value of $145,367.00. Following the completion of the sale, the chief executive officer now owns 322,588 shares in the company, valued at $93,227,932. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Michael J. Hartnett sold 3,000 shares of the business’s stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $284.23, for a total value of $852,690.00. Following the sale, the chief executive officer now owns 294,120 shares of the company’s stock, valued at $83,597,727.60. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 38,327 shares of company stock valued at $11,068,921. Corporate insiders own 2.60% of the company’s stock.

Analysts Set New Price Targets

Separately, Truist Financial cut their price objective on RBC Bearings from $328.00 to $315.00 and set a “buy” rating on the stock in a research report on Wednesday, July 17th. Four equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, RBC Bearings has a consensus rating of “Moderate Buy” and an average target price of $287.67.

RBC Bearings Stock Performance

Shares of RBC traded down $5.09 during mid-day trading on Tuesday, hitting $314.99. 24,976 shares of the company’s stock were exchanged, compared to its average volume of 142,865. RBC Bearings Incorporated has a fifty-two week low of $226.71 and a fifty-two week high of $328.39. The firm has a market capitalization of $9.89 billion, a P/E ratio of 46.71, a P/E/G ratio of 3.66 and a beta of 1.51. The business’s 50 day moving average is $291.34 and its two-hundred day moving average is $284.26. The company has a current ratio of 3.48, a quick ratio of 1.28 and a debt-to-equity ratio of 0.38.

RBC Bearings (NYSE:RBC) last posted its quarterly earnings results on Friday, November 1st. The industrial products company reported $2.29 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.30 by ($0.01). RBC Bearings had a return on equity of 9.88% and a net margin of 14.06%. The firm had revenue of $397.90 million for the quarter, compared to analysts’ expectations of $403.89 million. During the same period in the prior year, the company earned $2.07 earnings per share. The company’s revenue for the quarter was up 3.2% on a year-over-year basis. On average, equities analysts expect that RBC Bearings Incorporated will post 8.94 earnings per share for the current year.

About RBC Bearings

RBC Bearings Incorporated manufactures and markets engineered precision bearings, components, and systems in the United States and internationally. It operates through two segments, Aerospace/Defense and Industrial. The company produces plain bearings with self-lubricating or metal-to-metal designs, including rod end bearings, spherical plain bearings, and journal bearings; roller bearings, such as tapered roller bearings, needle roller bearings, and needle bearing track rollers and cam followers, which are anti-friction products that are used in industrial applications and military aircraft platforms; and ball bearings include high precision aerospace, airframe control, thin section, and industrial ball bearings that utilize high precision ball elements to reduce friction in high-speed applications.